Entegris reports Q1 earns that match expectations

NEW YORK (CBS.MW) - Entegris
ENTG, +0.82%
reported fiscal first-quarter net income of $1.6 million, or 2 cents a share, vs. a loss of 8 cents a share in the year-earlier period, and in line with the average analyst estimate compiled by Reuters Research. Sales for the quarter ending November increased 27 percent to $68.7 million, as a growing strength in the semiconductor market led to "significantly" increased order momentum in the last few weeks. Gross margins dipped 0.2 percentage points to 40.1 percent. Looking ahead, the company expects its second-quarter sales to rise 5 to 10 percent above first quarter levels, and gross margins to improve to 41 to 43 percent. The stock closed Wednesday down 36 cents at $12.38.

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.